Posigen Bankruptcy Plan Approved Following Brookfield Asset Sale

Posigen PBC won approval to wind down in bankruptcy under a plan that reserves $2 million for unsecured creditors, overcoming a Justice Department challenge over the mechanism used to release potential lawsuits against third parties.

The residential solar company, which defeated several obstacles during its bankruptcy proceedings and eventually sold its assets to a lender, has satisfied all applicable legal burdens to approve its Chapter 11 plan, Judge Christopher Lopez of the US Bankruptcy Court for the Southern District of Texas ruled at a hearing Monday.

Posigen creditors receiving a recovery under the plan can be deemed to accept provisions ...